US Laws, Codes, Statutes & Cases

 
    §  11-512  Payments  of  estimated tax. (a) General. The estimated tax
  with respect to which  a  declaration  is  required  shall  be  paid  as
  follows:
    (1)  If  the  declaration is filed on or before April fifteenth of the
  taxable  year,  the  estimated  tax  shall  be  paid   in   four   equal
  installments.  The  first  installment  shall be paid at the time of the
  filing of the declaration, and the second, third and fourth installments
  shall be paid on the following June fifteenth, September fifteenth,  and
  January fifteenth, respectively.
    (2)  If  the  declaration is filed after April fifteenth and not after
  June fifteenth of the taxable year, and is not required to be  filed  on
  or  before  April fifteenth of the taxable year, the estimated tax shall
  be paid in three equal installments. The first installment shall be paid
  at the time of the filing of the declaration, and the second  and  third
  installments  shall  be  paid  on  the following September fifteenth and
  January fifteenth, respectively.
    (3) If the declaration is filed after June  fifteenth  and  not  after
  September fifteenth of the taxable year, and is not required to be filed
  on or before June fifteenth of the taxable year, the estimated tax shall
  be  paid  in two equal installments. The first installment shall be paid
  at the time of the filing of the declaration, and the  second  shall  be
  paid on the following January fifteenth.
    (4)  If  the  declaration  is  filed  after September fifteenth of the
  taxable year, and is not required to be filed  on  or  before  September
  fifteenth  of  the taxable year, the estimated tax shall be paid in full
  at the time of the filing of the declaration.
    (5) If the declaration is filed after the time prescribed therefor, or
  after the expiration of any extension of time therefor, paragraphs  two,
  three  and  four of this subdivision shall not apply, and there shall be
  paid at the time of  such  filing  all  installments  of  estimated  tax
  payable  at or before such time, and the remaining installments shall be
  paid at the times at which, and in the amounts in which, they would have
  been payable if the declaration had been filed when due.
    (b) Amendments of declaration. If any amendment of  a  declaration  is
  filed, the remaining installments, if any, shall be ratably increased or
  decreased  (as  the  case may be) to reflect any increase or decrease in
  the estimated tax by reason of such amendment, and if any  amendment  is
  made  after September fifteenth of the taxable year, any increase in the
  estimated tax by reason thereof shall be paid at the time of making such
  amendment.
    (c) Application to short taxable year. This section shall apply  to  a
  taxable  year  of less than twelve months in accordance with regulations
  of the commissioner of finance.
    (d) Fiscal year. This section shall apply to a taxable year other than
  a calendar year by the substitution of the months of  such  fiscal  year
  for the corresponding months specified in this section.
    (e) Installments paid in advance. An unincorporated business may elect
  to pay any installment of its estimated tax prior to the date prescribed
  for the payment thereof.
    (f)  Cross reference. For unincorporated businesses with taxable years
  beginning prior to July  thirteenth,  nineteen  hundred  sixty-six,  see
  subdivision (j) of section 11-511 of this chapter.
    (g)  Taxpayers with credit relating to stock transfer tax. The portion
  of an  overpayment  attributable  to  a  credit  allowable  pursuant  to
  subdivision  (c)  of  section 11-503 of this chapter may not be credited
  against any payment due under this section.